All Forum Posts by: Gerardo Hernandez

@Chris Hunt Yeah that would be great but since I don’t have the 20% down at the moment. I was trying to house hack my way into financial independence. I am trying to do a conventional loan with 3% down on a duplex and repeat it a few times so I can have the lower interest rate and so I can use the previous duplex to get my next one in a year or 2 without any extra money out of my pocket. I am not sure if I explained it all that great but I am sure you know what I mean. Thanks for the advise. I truly do appreciate all the knowledge and view points. It will all help me learn and grow.

@Bonnie Griffin Kaake Thanks for the advise and putting things into perspective. I declined their counter offer realizing that for a first time investment it might not be the greatest thing I could do. I am going to continue looking for a duplex. Thank you!

@Nick Barlow Have you done this in the past? If so how much did it cost your to rewire the pipes and electricity to separate the bills? I will certainly look more into it. I really do like the place just have no idea what I am getting myself into.  

@Joe Splitrock I completely understand. I will follow it all the way through to make sure its all up to regulation and hopefully it increases the value in that makes up for the expenses. Thank you!

@Cody Neumann I am not 100% sure on how much I am qualified for honestly but I seen both of those properties and overall just didn't like them. I was hoping something else would come into the market but nothing has and I am tired of driving for over an hour to get to work. 

@Steven McCutcheon That makes a lot of sense! I will make sure that if I do it I get it done the right way. Have you by any chance done a conversion before? if so what are some estimates on how much the conversion would cost? My guess is around 20k but that is literally a complete guess with nothing to back it up other than knowing adding the kitchen should be around 5k so I am leaving 15k for the rest. 

@Steven McCutcheon Yes, the house thankfully is right next to a bunch of other rental units and it still falls within that zone. What would be the issues I could run into if I don't go by all of their rules and still build it? I see a lot of people that just build an addition and rent it and it doesn't look all that great. Would it be better if I go with everything being up to code even if its more expensive to get all the different inspectors at all the different stages?

Hello everyone, 

I am trying to do my first home hack but unfortunately their is no duplex in the market in my area in Baraboo WI that work for me. I found a home(205k) that seems to have great set up for a conversion into a duplex. The main issue I am running into is how to go about it. Also I would need to find a spot and way to add the washer and drier in the upper unit. That seems to be the most stressful part. I am not really sure how to estimate how much that would cost. Also, would it be better if I separate the utilities or just charge rent with utilities included? The bottom is already finished with a bathroom and all proper set ups but I hope to change the layout in the future so it can be a two room unit instead of a one bedroom unit. My hope is to move out and be able to rent the upper unit for 1000 and the bottom unit for 800. I qualified for a 3% down and 3.25 interest rate. Any advise or should I just continue looking?

I will into the taxes because yeah that would be a huge deal breaker. Thank you!

What if everyone leaves once I give them that notice? 200 dollars is a lot to raise at once but it definitely helps for the numbers to make sense. This is a huge decision and it's scaring me but at the same time I get excited of the thought of starting what I have always wanted to do which is build a real estate portfolio. Does this overall seem like a good deal? is it better if I keep looking or see if I can find a simple duplex to start ? Unfortunately, so far all the duplexes i have seen are 300k+. Or 140+ but needing lots of work. I am in Wisconsin Btw